The rate of land scams in Lagos, Ogun, Port Harcourt and Abuja is getting extremely alarming and buyers these days are so weary of falling victim to Evil people parading as Land owners but in reality the land they claim to own and intend to sell belongs to somebody else.
Property buyers are so confused as to the type of property they intend to purchase because the system is so rotten coupled with the problems that accompany living in a rented apartment . Buyers have become extremely desperate to own lands not minding the cost, location or documentation issues that might arise thereby making these Land fraudsters get bolder to defraud people.
It now begs the question what kind of land is better to buy? An omonile land or buying into an Estate. Both of them have their own advantages and quirks but I would try my best to differentiate them to the best of my knowledge :
Pros of Buying into an Omonile Land
1. They are everywhere and cater for all sizes, location, cost and amenities.
2. You can negotiate the cost of the land at your own time and pace.
3. You have a choice of selecting the type of land you want and position.
4. In most situations, you can deal with the original seller directly without third parties influencing your decisions.
5. You have direct access to the documents most of the time to conduct due diligence on it
6. You can easily confirm the status of the land when you conduct due diligence on it to help you decide whether you should buy or not.
7. You can easily view or locate the land you intend to buy without any bottle necks or conditions
8. You can conduct the transaction in a day, sign all the contracts in a day and take possession of that land the same day.
9. You don’t have to worry about whether the land is under a mortgage or when your documents would be ready.
10. You can start building immediately you pay for the land without waiting for anybody to dictate to you once payments have been settled and if something bad happens to your land, you’re most likely going to be compensated or relocated to another place.
Cons of Buying into an Omonile Land
1. Buying an Omonile land simply means YOU ARE TREADING A THIN LINE IF YOU DO NOT INVESTIGATE TRUE OWNERSHIP.
2. Omonile Lands are owned by either Families or people who bought lands from the families. Either way, till you complete your house, you must have a relationship with these families good or bad till the very end.
3. Most omonile lands have one issue or the other associated with them such as land dispute cases, family dispute cases, resale of another person’s land, buying lands that belong to the government etc hence the need to conduct due diligence on them before you buy.
4. You pay for everything such as your own survey fees, legal fees, agency fees, omonile signing fees, foundation fees, roofing fees, drainage, Nepa etc.
5. Even when you do everything right such as conducting due diligence, buying from the right person and paying all the necessary fees, you still have to build a fence to ward off criminals and trespassers from stealing your land.
6. Until you complete your house you must always be vigilant to check on your land. Any form of complacency or negligence would only lead to criminals reselling your land
7. You would have to put up with annoying agents throughout the Inspection and negotiating experience
8. Buying an Omonile Land means you have to be tough and take no nonsense unless these miscreants would rob you off your land.
Culled from: Omonilelawyer
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